Skip to main content

INTRODUCTION TO BITCOIN

Q. What is Bit-coin ?
1. Bit-coin is formally a virtual form of currency,by virtual form:- we mean that bit-coin is only available in electronic (i.e digitalized) form.Hence there is no physical presence of bitcoin just like as INR(Indian Rupees), USD(Dollars), Yen,Euro etc.


2.It is a digital payment system which is supposed to be implemented by an unknown programmer or group of programmers under the name of Satoshi Nakamoto.


3.Initially the first presence of Bit-coin was felt
in the year 2009.
 


Advantages of Using Bit-coin:-


1. Bit-coin uses peer-to-peer (P2P) technology i.e the bitcoin r transferred
    from one person to another person e-wallet without the involvement of any
    intermediary.


2. It supports the world-wide connectivity it means that the bitcoin can be  transferred to any part of the world in real world.
 

3. Low-processing fees is another feature regarding the bitcoin transactions  as comparison to formally money-order agents and banking systems.
 

4. It is an open-source. 


5. There is no centralized authority governing the control of bitcoin transactions..And due to this factor bitcoin is extremely cryptographical that
makes it impossible to trace out the path of bitcoin transactions.
 


Disadvantages:-
 
(i)It enables a path to do illegal transactions on the internet without
getting being noticed.Includes:- buying/selling of drugs,arms....etc.....


(ii)If somehow the bit-coin transaction gets failed in between then,there is no way to get the money(i.e bitcoin) back..bcoz there is no way to claim the fraud done using the bitcoin currency.

(iii)Due to lack of governing bodies in case of bitcoin,it may happen :-that there may be sudden rise or fall in the bitcoin..
Inti-ally the rate of Bitcoin was:-
 
In year 2009 :- Rs 6 (approx..)
 
In year 2015:- 45 thousand approx.
 
In year 2017 :- 1 lac approx:-
 




Thank u
Bakul Gupta
(@@@)
Have a nice day

Comments

Post a Comment

Popular posts from this blog

ELK Installation | Configuration

How to remove elk stack from the server? This section of the guide defines the procedure for the removal of various components of the elk stack Elasticsearch The various steps that need to be followed, for the removal of the elasticsearch completely from the server. Check the elasticsearch status It is used to check the status of the elasticsearch service. service elasticsearch status How to install elk on the server? Script for installing the elk stack The elk components in the training are installed with the help of this bash script. #! /bin/bash Name : Bakul Gupta Email : bakulgupta11@gmail.com(github.com/bullhacks3) red= `tput setaf 1` green= `tput setaf 2` yellow= `tput setaf 3` blue= `tput setaf 6` grey= `tput setaf 8` reset= `tput op` function help() { echo -e "\n ${yellow} This script is used to install the elasticsearch on the ${red} debian ${yello
Post a Comment
Read more

Cybrary | AWS Cloud Practitioner

Guide: Nicolas Moy Date:- 5th-September-2019 CLF-C01 Exam Guide Four Domains In Exam 1. Cloud Concepts 2. Security 3. Technology 4. Billing & Pricing Lecture 1:- AWS Cloud Computing Concepts What is cloud computing? In simple terms cloud computing is online renting service, that allows us to use the virtual servers, database on the cloud and follows the pay as per use concept. Major cloud computing providers : 1. AWS 2. GCP [ Google Cloud Platform] 3. Digital Ocean 4. Microsoft Azure Advantages : 1. Pay as per use concept 2. Highly scalable, we can increase or decrease the server according to our need 3. World Wide Access Capability 4. Increasing Speed 5. Develop a Global Infrastructure Lecture 2:- Cloud Models & Deployments Different types of cloud computing models 1. IaaS [ Infrastructure as a Service ] Provides the ability to manage the server on your own. 2. PaaS [ Platform as a Service ] Someone else is responsible for m
Post a Comment
Read more